Historic Event & Short-Term Rental
231 S Main Street Madisonville, KY 42431
New
For Sale
$625,000
COMMERCIAL - Madisonville, KY
Property Size4,534 SF
Lot Size0.72 Acres
Price / SF$137.85
Days on Market2
Property Features for 231 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
Size
4,534 SF
Lot size
0.72 Acres
Building Details
Year built
1909
Listing Agency:
Haven Realty, LLC
(270) 245-2626
Listed By:
Sara Spencer
(270) 836-2771
Added: Jul 27
Last Checked: Jul 28 at 1:06PM
MLS# 122088
Copyright © 2026 Madisonville-Hopkins County Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1909, this historic property operates as a fully operational short-term rental and event venue in downtown Madisonville. The home is currently listed with a 4.95-star guest rating and is described as fully furnished.
The layout features 11 bedrooms, each with a private bath, plus in-room amenities including microwaves and mini-refrigerators. Common features include a fully equipped kitchen, shared gathering areas, a music room, and laundry facilities. A complete third-floor apartment is included and may serve as an owner or manager residence.
Recent upgrades cited in the listing include a new roof, updated HVAC systems, new plumbing and electrical, and ADA accessibility improvements. The property is offered turnkey, including furnishings and household items such as antique furniture, linens, and kitchenware.
The layout features 11 bedrooms, each with a private bath, plus in-room amenities including microwaves and mini-refrigerators. Common features include a fully equipped kitchen, shared gathering areas, a music room, and laundry facilities. A complete third-floor apartment is included and may serve as an owner or manager residence.
Recent upgrades cited in the listing include a new roof, updated HVAC systems, new plumbing and electrical, and ADA accessibility improvements. The property is offered turnkey, including furnishings and household items such as antique furniture, linens, and kitchenware.
Key Highlights
- Built in 1909, fully operational short‑term rental and event venue in downtown Madisonville
- 11 bedrooms, each with a private bath, plus in‑room microwaves and mini‑refrigerators
- Recent upgrades include new roof, updated HVAC systems, and new plumbing & electrical
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $52.8k | $11.64 |
| − Vacancy | −$2.5k | −$0.55 |
| EGI | $50.3k | $11.09 |
| − OpEx | −$22.6k | −$4.99 |
| NOI | $27.7k | $6.10 |
4,534 SF · lease $11.64/SF/yr · vacancy 4.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$395.2K
$345.8K – $461.0K
NOI $27,662 @ 7.0% cap · market cap 4.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$764.8K
$669.2K – $892.3K
NOI $53,537 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Short term rental property - Built in 1909, this fully operational short-term rental and event venue offers 11 private-bath bedrooms and ADA upgrades.
Where is this short term rental property located?
The property is located at 231 S Main Street Madisonville, KY.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Built in 1909, fully operational short‑term rental and event venue in downtown Madisonville; 11 bedrooms, each with a private bath, plus in‑room microwaves and mini‑refrigerators; Recent upgrades include new roof, updated HVAC systems, and new plumbing & electrical
